Old Lyme renters looking for the least expensive areas to rent should look for the areas towards the red end of the spectrum on the rent cost map. Those who don't mind paying for high-end and luxury apartments should seek out apartments in dark green areas.
On average, the cost of rent in Old Lyme is about $1,439 per month. This puts it in the 63rd percentile compared to the state average cost of rent, which is $1,523. Households in Old Lyme have a median income of $10,075 per month so the average renter in Old Lyme is spending roughly 14% of their earnings on housing.
Nationally, and in Old Lyme, home values are the data point most closely correlated with the cost of rent. The median price of a home in Old Lyme is $411,823 right now, which is lower than nearby cities, meaning that rents in Old Lyme also tend to be lower versus these nearby cities.
Higher rent prices are common in the southern parts of Old Lyme while lower rent rates are often available in eastern areas.
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